2024

Solana

Rise

The post <a href="https://coinpedia.org/price-analysis/solana-price-continues-to-bleed-will-sol-price-reclaim-100-this-week/">Solana Price Continues To Bleed! Will SOL Price Reclaim $100 This Week?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The Solana token continues its struggle to reclaim the $100 mark since the month started, indicating a rise in the bearish influence in the market. Further, the SOL price has lost over 2% within the past 24 hours, highlighting a weak price action for the coin. 
The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana price</a> entered 2024 by trading between $100 and $108.18 in a closed space. As the market volatility grew, the bulls broke out of the resistance level. However, the rally was short-lived as the price faced rejection at $117. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/GisG4CYLcAkgDTt28qhohXFoe7qqm4JLAZlbl5v0RyY1OcUuZ0sLqfPLn_hLFo1LVh64wrL93ANtgHK7MtvtkYMFRirsIsGVaUYQgL8-g8uPuxZtHhtAWSEIN4IpilC4dSwEwfuGTanP9cirMO6_A2o" alt="Solana Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: SOL/USDT
 </figcaption>
</figure> 
Following this, the price lost momentum, and the bears pulled back the price within the range. The bulls struggled to hold the price above the support level of $100, resulting in a price breakdown. After this, the price traded in a consolidated range between $90 and $100 for over two weeks. 
During this time, the bulls made multiple attempts to break out, indicating a strong bearish influence in the market. After multiple attempts, the bulls lost momentum and recorded a valuation correction of approximately 15%. As the market regained momentum, the bulls started trading under a bullish influence. 
The Solana price added 32.5% in value before facing a rejection of just under $108.18. Following this, the Sol price lost momentum and erased all its gains from the pump. Since then, the price has been trading between $90 and $100, indicating weak price sentiment for the coin. 
<h2 class="wp-block-heading" id="h-will-sol-price-rise-back-up">Will SOL Price Rise Back Up?</h2> 
The technical indicator, RSI, displays a rise in the chart, suggesting an increase in the price action. Moreover, the averages show a high possibility of a bullish convergence, highlighting a massive price action underway for the coin in the coming days. 
If the market gains momentum and pushes the price above the $100 mark, the Solana price will regain momentum and rise to test its upper resistance level of $108.18. Further, if the market holds the price at that level, it will prepare to test its upper limit of $117 this month. 
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $90. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $80.19 in the coming time.

Solana Price Continues To Bleed! Will SOL Price Reclaim $100 This Week?

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